A company purchased inventory for $100,000 on account, and recorded it as follows:
$$\begin{array} { | c | r | r | }
\hline \text { Merchandise Inventory } & 100,000 & \
\hline \text { Accounts Payable } & & 100,000 \
\hline
\end{array}$$ The vendor's invoice showed terms of 3/10, net 30. Give the journal entry for the payment of the invoice seven days after the invoice date, assuming that the vendor uses the perpetual inventory system.

Question

A company purchased inventory for $100,000 on account, and recorded it as follows:
 $$\begin{array} { | c | r | r | } 
\hline \text { Merchandise Inventory } & 100,000 & \
\hline \text { Accounts Payable } & & 100,000 \
\hline
\end{array}$$ The vendor's invoice showed terms of 3/10, net 30. Give the journal entry for the payment of the invoice seven days after the invoice date, assuming that the vendor uses the perpetual inventory system.

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The Answer of A company purchased inventory for $100,000 on account, and recorded it as follows:
 $$\begin{array} { | c | r | r | } 
\hline \text { Merchandise Inventory } & 100,000 & \
\hline \text { Accounts Payable } & & 100,000 \
\hline
\end{array}$$ The vendor's invoice showed terms of 3/10, net 30. Give the journal entry for the payment of the invoice seven days after the invoice date, assuming that the vendor uses the perpetual inventory system.

A Company Purchased Inventory for $100,000 on Account, and Recorded